Silver Bay Realty Trust Corp. Announces Launch of Initial Public Offering


Silver Bay Realty Trust Corp. Announces Launch of Initial Public Offering

NEW YORK--(BUSINESS WIRE)-- Silver Bay Realty Trust Corp. ("Silver Bay") announced today that it has commenced an initial public offering of 13,250,000 shares of common stock at an anticipated initial public offering price of between $18.00 and $20.00 per share. In addition, the underwriters will have a 30-day option to purchase from Silver Bay up to an additional 1,987,500 shares of common stock, at the initial public offering price. Silver Bay intends to list its common stock on the New York Stock Exchange under the symbol "SBY."

In addition, Silver Bay has entered into contribution and merger agreements through which it will acquire, concurrent with the closing of the offering, an initial portfolio of more than 3,100 single-family residential properties through entities associated with Two Harbors Investment Corp., a publicly traded REIT (NYS: TWO) , and Provident Real Estate Advisors LLC, a private capital management firm, in exchange for equity interests in Silver Bay or its operating subsidiary, or cash.

Silver Bay intends to use the net proceeds of the offering to purchase additional single-family properties, to renovate such properties for rental to tenants and for working capital.

Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, and J.P. Morgan are acting as joint book-running managers for the offering. Keefe, Bruyette & Woods, RBC Capital Markets, JMP Securities and Zelman Partners LLC are acting as co-managers for the offering.

The offering will be made only by means of a prospectus. When available, a copy of the prospectus for the offering can be obtained from:

Credit Suisse Securities (USA) LLC

BofA Merrill Lynch

J.P. Morgan Securities LLC

Attention: Prospectus Department

222 Broadway

c/o Broadridge Financial Solutions

One Madison Avenue

New York, NY 10038

1155 Long Island Avenue

New York, NY 10010

Attention: Prospectus Department

Edgewood, NY 11717



A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Silver Bay Realty Trust Corp.

Silver Bay Realty Trust Corp. is a newly organized Maryland corporation focused on the acquisition, renovation, leasing and management of single-family properties for rental income and long-term capital appreciation. Upon consummation of its initial public offering and related transactions, Silver Bay will own more than 3,100 single-family properties located in Arizona, California, Florida, Georgia, Nevada, North Carolina and Texas. Silver Bay intends to elect and qualify to be taxed as a REIT.

Cautionary Statement Regarding Forward-Looking Information

The information in this release contains forward-looking statements within the meaning of federal securities laws.These statements involve substantial risks and uncertainties regarding the proposed initial public offering by Silver Bay.Such risks and uncertainties include, among other things, the possibility that the initial public offering will not be completed within a particular time frame or at a particular offering amount, or at all, including as a result of market conditions or other factors, or that the anticipated acquisition of the initial portfolios from Two Harbors and Providentwill occur. Silver Bay assumes no obligation to update the forward-looking statements contained in this release as the result of new information or future events or developments.

Silver Bay Realty Trust Corp.
Maria Cozine, 212-364-3247

KEYWORDS: United States North America Minnesota New York


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